Large Cars - Morocco

Morocco

Highlights

Revenue in the Large Cars market is projected to reach US$425m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.48%, resulting in a projected market volume of US$435m by 2029.
Large Cars market unit sales are expected to reach 12.6k vehicles in 2029.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$34k.
From an international perspective it is shown that the most revenue will be generated China (US$106bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Large Cars market in Morocco is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this positive trajectory.

Customer preferences in the Large Cars market in Morocco are shifting towards vehicles that offer both luxury and practicality. Moroccan consumers are increasingly seeking cars that provide a comfortable and spacious interior, as well as advanced features and technologies. This growing demand for large cars is driven by a desire for a high level of comfort and prestige, as well as the need for practicality and versatility in transportation.

Trends in the market are also contributing to the development of the Large Cars market in Morocco. As the country's economy continues to grow, the purchasing power of Moroccan consumers is increasing. This is leading to a rise in disposable income and a greater willingness to spend on luxury goods, including large cars.

Additionally, the availability of financing options and the expansion of the automotive industry in Morocco are making it easier for consumers to purchase large cars. Local special circumstances further support the growth of the Large Cars market in Morocco. The country's geography, with its vast landscapes and long distances between cities, makes large cars a practical choice for many Moroccan consumers.

The high demand for large cars is also driven by the country's growing tourism industry, as tourists often prefer to rent or travel in spacious and comfortable vehicles. Underlying macroeconomic factors are also contributing to the development of the Large Cars market in Morocco. The country's stable economic growth, driven by investments in infrastructure and tourism, has created a favorable environment for the automotive industry.

Additionally, the government's efforts to attract foreign direct investment and promote the manufacturing sector are leading to the establishment of more automotive production plants in Morocco. This is increasing the availability of large cars in the market and driving competition, which in turn is driving innovation and improving quality. In conclusion, the Large Cars market in Morocco is experiencing growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Moroccan consumers are increasingly seeking large cars that offer both luxury and practicality, and the country's stable economic growth and favorable business environment are supporting the expansion of the automotive industry. As a result, the Large Cars market in Morocco is poised for continued growth in the coming years.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).